Cook pasta according to package directions until al dente.
Heat a skillet over medium-high heat. Add the pancetta to the skillet and cook until crispy. Remove it from the pan and place it on a paper towel-lined plate to soak up the grease.
Melt the butter in the pan and add the shallot.
Cook for a few minutes to soften and then add the garlic and peas and cook for 2 minutes. Season with salt and black pepper.
Pour in the cream or coconut milk and allow the sauce to simmer for 5 minutes. Turn off the heat, add the pancetta back to the pan along with the pasta and grate Parmesan cheese directly into the pan.
Serve topped with more cheese and freshly cracked black pepper.
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Notes
Don't overcook the peas. Whether using fresh or frozen peas, be careful not to overcook them. They should be tender yet still have a slight bite to them for the best texture.
Reserve pasta water. Before draining the pasta, save some of the cooking water. If the sauce seems too thick, you can loosen it up with a bit of the reserved water. Conversely, if it's too thin, you can let it simmer for a few extra minutes to reduce and thicken slightly.